Israeli digital insurance company WeSure Global Tech received 35 million shekels from US insurance company AmTrust Financial Services.
According to a report by Globes, under the terms of the investment and collaboration agreement, Am Trust Financial will invest $35.6 million in shared WeSure in the form of a convertible equity loan.
AmTrust Group is a multinational insurance holding company headquartered in New York. The Group specializes in property and commercial liability insurance, including employee compensation, business owner policies and product and service liability.
The repayment date of the loan was set at ten years and the conversion into shares could be undertaken under various circumstances, including car conversion in the event that the WeSure share price is at least NIS 6.30 ( the price at which the trade was closed) for 14 consecutive trading days.
Last year, Global reported that WeSure had applied to raise NIS 100 million for an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE).
WeSure was founded by Chairman Emil Vainshel, who has a 71.5% stake, and CEO Nitzan Zeir Harim, who has a 17.9% stake, and who were joined by former police chief Yohanan Danino (2.9%).
At the time, the company said, “To raise capital to accelerate the Group’s business development plan under which it will expand the company’s business areas and market share in Israel as well as prepare entry into the United States and European operations in the coming years.
The company‘s last funding round dates back to 2018, when it raised funds at a valuation of NIS 114 million.
InsurTech Zywave recently acquired Ohio-based Strategic Insurance Software (SIS), a provider of web-based agency management systems (AMS) and customer relationship management (CRM) solutions for insurance agencies. property and casualty insurance.
Also earlier this year, Agentero, the digital insurance network, partnered with Stillwater Insurance.
Luis Pino, CEO of Agentero, said: “We have always been committed to activating the agent delivery channel by connecting agents with leading-edge insurers, whether new digital players or national brands that have adopted the technology.
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